Moët Hennessy Louis Vuitton SE, the French luxury group better known as LVMH, announced it was adding to its stock of fine wines and spirits by taking over Colgin Cellars, a deluxe vineyard in California's Napa Valley. Current owners Ann Colgin and her husband Joe Wender will sell a 60 percent stake to the world's biggest luxury group, which counts Veuve Clicquot champagne and Hennessy cognac among its alcohol brands.
The deal values the estate at 100 million euros, a source close to the takeover said, while Colgin and Wender will maintain their leadership roles. Colgin, a former wine consultant at Sotheby's, founded the vineyard in 1992. Its four red wines, which sell for up to $600 a bottle (511 euros) are sold to high-end stores and restaurants around the world.
LVMH chief executive Bernard Arnault welcomed the announcement, adding the acquisition was part of a strategy of "enriching our collection of iconic wines".
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